Page
112
Through this plan, we have also begun taking actions in response to the recommendations provided in the audit report:
- Tone at the Top: The reconstituted Kentucky State University Board of Regents (22 RS SB265) along with new leadership—Interim President, Interim Chief of Staff/CFO, AVP of Finance, Legal Counsel, Title III Director, Controller, Grant Manager, and Budget Manager and others—strengthens the internal control environment. Additionally, we have engaged a new external auditor, an internal audit firm, and an accounting consultant. We have also leveraged the extensive financial and administrative expertise of the Interim President who has become the champion for change, leading the charge for a paradigm shift at KSU.
- Policy Updates and Implementation: We are in the process of reviewing and updating the University's policies to ensure that they are aligned with best practices and regulatory requirements. We will also execute a more efficient policy approval and implementation process and enforce compliance across all departments.
- Financial Oversight: We recognize the importance of prudent financial management and will work closely with our finance team to ensure that budgets are monitored and controlled and optimized to better serve our students, faculty, staff, and other stakeholders.
- Board Involvement: Our highest priority is to continue to ensure that the University's Board of Regents is kept informed of external and internal audit reports and any improvement opportunities that arise from these audits. This will enable the Board to provide valuable guidance and oversight in addressing these matters.
- Record Maintenance: We understand the significance of maintaining accurate and secure and complete and transparent records. We are committed to improving our record-retention policies, procedures, and practices by implementing more robust systems and processes.
- Staff Training: We are actively investing in the training and development of our staff, particularly in the use of accounting software and the appropriate policy implementation application of policies. These efforts will enhance the competencies of our staff and raise accountability at the University.